Islamabad: Pakistan Services Limited, registered under number 0000974, has formally sought an extension to hold its Annual General Meeting (AGM) for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the Islamabad-based company cited delays in the audit of financial statements as the reason behind this request.

Under Section 132(1) of the Companies Act, 2017, the company is obligated to conduct its AGM by October 28, 2024, which marks 120 days following the fiscal year's end. However, the company's external auditors have indicated that additional time is necessary to complete the financial review due to pending information. This delay ensures compliance with regulatory standards and accurate financial disclosures.

The unforeseen audit delay, described by the company as due to "unavoidable circumstances encountered during the audit process," has led to the application for a 30-day extension. If granted by the Securities and Exchange Commission of Pakistan (SECP), this would push the AGM to November 28, 2024, or to another suitable date as determined by the Commission.

In its formal communication to the SECP, Pakistan Services Limited has included several supporting documents, including an affidavit from the company secretary, a certificate from the external auditors, and proof of payment for the application fee of PKR 15,025/-.

The extension is crucial for the company to ensure that all financial statements are thoroughly audited and accurate, fulfilling the requirement under Section 223(7) of the Companies Act to present audited financial results to shareholders at the AGM. The company has expressed its commitment to convening the AGM as promptly as possible upon completion of the audit, ensuring full compliance with its regulatory obligations.